AUSTRIANS AND POST KEYNESIANS ON ECONOMIC REALITY - REJOINDER TO CRITICS

Most economists-old and new classical, old and new Keynesian, and Austrian (as embodied in O'Driscoll and Rizzo's The Economics of Time and Ignorance) postulate an immutable reality unchangeable by any human action (the ergodic hypothesis). They differ only over the amount of information decisionmakers have, in the short run, about this unchanging reality. Keynes and the Post Keynesians provide an axiomatic alternative model that presumes a transmutable economic reality (i.e., it postulates a nonergodic environment). Runde, Torr, Prychitko, and Boehm and Farmer fail to adequately address this dichotomous analysis of reality in responding to my review of O'Driscoll and Rizzo's book.